. 1 min read

Chinese Province Says It Will Nurture 20 Blockchain Companies by 2022

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Hebei Province, China, has embarked on an ambitious three-year blockchain development plan – and has pledged to foster 20 “leading” blockchain firms by 2022.

Farmers in Hebei Province, China. Source: Adobe/zhang yongxin

Per Shanghai Securities News, the plans were unveiled by the IT arm of the Hebei Communist Party of China Provincial Committee Secretary.

The authority stated that its goals for the end of 2022 were the following:

  • establish 20 “leading” blockchain-related firms
  • foster a number of blockchain apps and/or products
  • create 1-3 nationally recognized blockchain brands
  • create three blockchain parks

The province also announced a regional research push, focusing on blockchain-related R&D.

It also announced its intention to collaborate with innovators based elsewhere in the country, co-build a blockchain industry technology innovation alliance – and work with overseas-based innovators. The province also wants local firms to begin creating blockchain-as-a-service (BaaS) offerings.

The local government said that it would look to support progress by implementing pro-business policies and provide financial support.

The move follows similar pledges from other provinces and major cities made earlier this year. Guizhou and Hunan provinces made their own pledges last month, with the former vowing to nurture some 100 locally bases blockchain firms by 2022. Hunan said it will construct five blockchain-specific tech parks by 2022.

Beijing, meanwhile, has promised to create a blockchain technology talent training authority in the same time period, as well as a city-run fund that will invest in promising blockchain firms.